Correlation Analysis
Fox Corporation Class B Common Stock vs NetFlix Inc
FOX vs NFLX
+0.828
Strong positive
When one moves up, the other tends to follow.
Fox Corporation Class B Common Stock
↗FOX
Fox operates in two segments: cable networks and television. Cable networks primarily includes Fox News, Fox Business, and several pay TV sports stations. Television primarily includes the Fox broadcast network, 29 owned and operated local television stations, of which 18 are affiliated with the Fox network, and streaming platform Tubi, which is not subscription-based and is completely ad-supported. Fox effectively sold most of its entertainment assets to Disney in 2019, so it no longer creates entertainment content and relies heavily on live news and sports, with nearly all tied to the pay TV bundle. The Murdoch family controls Fox.
Market cap 22.8B · 10,400 employees
NetFlix Inc
↗NFLX
Netflix's relatively simple business model involves only one business, its streaming service. It has the biggest television entertainment subscriber base in both the United States and the collective international market, with more than 300 million subscribers globally. Netflix has exposure to nearly the entire global population outside of China. The firm has traditionally avoided a regular slate of live programming or sports content, instead focusing on on-demand access to episodic television, movies, and documentaries. The firm introduced ad-supported subscription plans in 2022, giving the firm exposure to the advertising market in addition to the subscription fees that have historically accounted for nearly all its revenue.
Market cap 417.7B
Time Series
Relative Performance
Who Moves First
NFLX leads FOX by 6 days
NFLX tends to move before FOX.
After testing 13 timing shifts, the strongest relationship was +0.840 (they moved in the same direction).
Do They Crash Together?
Correlation by Market Regime
How these series behave when markets are rising, falling, or diverging. A correlation that holds in drawdowns is very different from one that only works in rallies.
Both Rising
+0.538
15 periods · Return correlation when both series rose
Both Falling
+0.729
8 periods · Return correlation when both series fell
Diverging
-0.816
12 periods · Return correlation when series moved apart
R-Squared
68.6%
Share of variance in one series explained by the other.
Trend Agreement
58.7%
How often both series moved in the same direction period-to-period.
Overlap Quality
1,254
Deep shared window — 1,254 usable pairs.
Significance
p < 0.001
95% CI: [0.810, 0.845]
Scatter
XY Regression
Pipeline
Data quality details
Pipeline
Data quality details
Pipeline Summary
1,254 paired data points survived the daily window.
Raw input
1,254
1,254
Normalized
1,254
1,254
Prepared
1,254
1,254
Aligned
1,254
1,254
Invalid removed
0
A: 0 / B: 0
Duplicates removed
0
A: 0 / B: 0
Alignment drops
0
A: 0 / B: 0
Series A
Fox Corporation Class B Common Stock
FOX
Market cap 22.8B · 10,400 employees
Stock · 1,254 raw → 1,254 prepared
Series B
NetFlix Inc
NFLX
Market cap 417.7B
Stock · 1,254 raw → 1,254 prepared
Sign agreement
100.0%
How often both values share the same sign.
Zero crossings
15
Estimated crossover points between normalized spreads.
Slope
2.5030
Linear regression slope.
Intercept
-33.4429
Linear regression intercept.
Related Extremes
Highest and Lowest Correlated
FOX
Fox Corporation Class B Common Stock
Highest
+0.898
JPMorgan Chase & Co.
JPM · 1,254 data points
Lowest
+0.338
Exxon Mobil Corporation
XOM · 1,254 data points
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